Missouri Laws 442.090 – Conveyances by minor veterans valid when necessary to obtain advantage of ..
1. For the purposes of taking advantage of the Servicemen’s Readjustment Act of 1944, as amended, any person who is a resident of Missouri and who served honorably in the active military or naval service of the United States may execute a deed of trust, mortgage, or other instrument, affecting the title to or disposition of real or personal property, or a power of attorney, the validity of which is governed by the law of this state.
2. For the purpose of taking advantage of such federal act, as amended, such person may also contract, or borrow money, for the purchase or construction of homes, farms and business property whether the money is to be used in purchasing residential property or in constructing a dwelling on unimproved property owned by the veteran to be occupied as his or her home.
Terms Used In Missouri Laws 442.090
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Property: includes real and personal property. See Missouri Laws 1.020
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
- United States: includes such district and territories. See Missouri Laws 1.020
3. For the purposes of taking advantage of such federal act, as amended, such person may also borrow money for the purpose of making repairs, alterations, or improvements in, or paying delinquent indebtedness, taxes, or special assessments on residential property owned by the veteran and used by him or her as his or her home.
4. For the purposes of taking advantage of such federal act, as amended, such person may also borrow money to purchase any land, buildings, livestock, equipment, machinery or implements, or in repairing, altering, or improving any buildings or equipment, to be used in farming operations, borrow money to purchase any business, land, buildings, supplies, equipment, machinery, or tools to be used in pursuing a gainful occupation, other than farming, and to borrow money, enter into a contract, agreement or other instrument in writing as may be necessary pursuant to the Servicemen’s Readjustment Act of 1944, as amended.